Mobile makers bet on higher exports to grow
Smartphone makers are hoping for exports from India to continue their strong showing, which will drive their own growth as production levels are reaching their saturation point if only the domestic market is to be served, said market trackers. «The only headroom for growth right now is by increasing exports from India,» said Prachir Singh, senior analyst, Counterpoint Research. The market tracker added that annual shipments now range between 150 million and 160 million since the pandemic, with demand unlikely to pick up significantly until elections end.
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India's mobile phone exports surged 35% to a record $15 billion in FY24 from $11.1 billion in FY23, according to government data.
Smartphone production for local consumption was up 8% year-on-year in the January to February period, with over 30 million units produced during the period, said Singh. He added that with exports combined, smartphone production jumped to 10-12% in the same period, driven by heavy exports from Apple.
Smartphone manufacturers led by DBG, Dixon Technologies, Hon Hai (Foxconn), and Samsung scaled up production in the first two months of the year, as inventory bottlenecks in the market improved and brands launched more new models as compared to last year hoping to tap into a demand revival, market trackers said. Xiaomi, Apple, and Samsung were among brands that contracted the most volumes during the period, according to Counterpoint.
Canalys observed sharp growth in
